Businesses should have a separate bank account for their business transactions as it will make preparing their accounts so much easier. Trying to extract business income and costs from a personal account takes a lot more time and if you needed to prove any business transactions when applying for a loan, for example, they would […]
We all need someone to inspire us
Being a business owner comes with a variety of challenges. The list of jobs to do is never ending even if you do outsource some of them. There are still many things which you just know you have to do yourself. Sometimes being a business owner can feel like being on a treadmill endlessly moving […]
IoT privacy: 30 ways to build a security culture
Much work still must be done before the industrial and municipal Internet of Things (IoT) becomes widely adopted outside of the circle of innovators. One field, privacy, well understood by the public and private sector in the context of the cloud, PCs and mobile, is in the early stage of adaptation for the IoT. The […]
What are the implications of paying for a mobile phone for your employee?
Are you aware of the implications of providing a mobile phone to your employee or reimbursing them for their mobile phone costs? It could cost you, and them, more than you think. For instance: If your employee arranges the phone and you pay the supplier the cost must be put through the payroll and Class […]
There is more to bookkeeping
Bookkeeping is defined as “the recording of all financial transactions”. Sounds simple but if that was the case why is bookkeeping a career with qualifications ranging from Level 2 to Level 4? The financial transactions of a sole trader’s business to those of a huge organisation vary enormously but whatever level of transactions there […]
Do you understand Self-Assement Tax?
As a sole trader or self-employed person you won’t have to pay tax on your earnings until 31 January the year after your first accounting period ends. Finding out how much tax you will have to pay when you first tax return is submitted can come as a bit of a shock especially if you […]
Seven Steps to Your First Employee
If you employ someone in your business or in your home as a carer and they are not self-employed or paid through an agency you have certain responsibilities. Here are seven of the steps you need to take to meet those responsibilities: 1. Check if the employee is allowed to work in the UK. 2. […]
Four Common Errors of Auto Enrolment Administration
Pension auto enrolment is in place for a good proportion of employers now but even if you have already reached your Staging Date or are about to reach it is worth being aware of these four common errors . Making incorrect deductions from your employees’ pay Incorrect set up of the pension scheme within the […]
Meet our work experience student
For the last week our team have enjoyed the company of a sixth form student on work experience. Rosie is considering accountancy as a career and wanted to experience the type of work involved. Whilst we are not accountants we are responsible for keeping the accounts records before they are passed to an accountant so […]
Unix: How random is random?
On Unix systems, random numbers are generated in a number of ways and random data can serve many purposes. From simple commands to fairly complex processes, the question “How random is random?” is worth asking. EZ random numbers If all you need is a casual list of random numbers, the RANDOM variable is an easy […]